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Daily stock market update September 4, 2020 - Market suffers big pullback
How is stock market today?
The market pull back some more Friday. It suffers a pull back this week. It is hard to say whether this is a normal pullback or whether this is a start of a correction. It is best to watch daily action and act incrementally.
| Index | Sep. 4 |
| Nasdaq | -3.27% |
| S&P 500 | -2.31% |
| Dow Jones | -1.82% |
| Russell 2000 | -2.73% |
What is the current support level?
Nasdaq break below its 21 days moving average before finding support at its 50 days moving average. The 21 days moving average was a critical support line since April 6 when the rally began.
S&P 500 and Dow Jones fell further and is now sitting at its 21 days moving average.
DJIA also fell nearly 3% to near its 21 days moving average.
Russell 2000 also fell to its 50 days moving average before finding support.
- DJIA - above its 50 days moving average line near 27000; current at 28133
- S&P 500 - above its 50 days moving average line near 3300; current at 3455
- NASDAQ - above its 50 and days moving average line near 10800; current at 11312
- RUSSELL 2000 - above its 50 moving average line near 1500; current at 1535
Which industry groups show strength?
There are not much industry groups showing strength.
| Sector | Industry | Sub-group | # | Stocks |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | 4 | COLM, PVH, RL, VRA |
| Retail | Consumer Non-Durables | Packaged Foods | 2 | ADM, MGPI |
| Commodities | Capital Goods | Construction/Ag Equipment/Trucks | 2 | CAT, CNHI |
| Commodities | Basic Industries | Steel/Iron Ore | 2 | NUE, STLD |
Which industry groups from recent strength show weakness today?
| Sector | Industry | Sub-group | # | Stocks |
| Retail | Consumer Services | Clothing/Shoe/Accessory Stores | 4 | COLM, PVH, RL, VRA |
| Retail | Consumer Non-Durables | Packaged Foods | 2 | ADM, MGPI |
| Commodities | Capital Goods | Construction/Ag Equipment/Trucks | 2 | CAT, CNHI |
| Commodities | Basic Industries | Steel/Iron Ore | 2 | NUE, STLD |
Disclaimer: MCBOSS CAPITAL provides financial education and information research. None of this information should be used for investment purpose. Please seek professional advice. Information provided may not always be accurate.
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